Tuesday, October 22, 2019

Kansas City Congressman Cleaver Cracks Down On Facebook Funny Money

Interesting social media economic developments with a local connection that might be of concern for our power player denizens of our blog community who don't keep all of their cash in a coffee can by the toilet . . . Checkit:

Treasury Agrees to Cleaver’s Call For Federal Investigation Into Libra

(Washington, D.C.) – Today, United States Representative Emanuel Cleaver, II (D-MO) received a letter from the Department of Treasury, agreeing to an affirmative investigation into Facebook’s planned cryptocurrency (Libra) and digital wallet (Calibra). In August, Congressman Cleaver sent a letter to Facebook, Calibra, the Financial Stability Oversight Council (FSOC), and the Office of Financial Research (OFR), urging the financial regulators to proactively examine Libra and Calibra for possible systemic risk. In September, Facebook agreed to delay the launch of Libra until all U.S. regulatory concerns had been addressed.

In the letter, the Department of Treasury states:

“It is unclear whether U.S. and foreign regulators will have the ability to monitor the Libra market and require corrective action, if necessary. This concern must be addressed if the Libra is to launch.”

“With the vast influence and reach of a company such as Facebook, it is absolutely critical that any effort to launch a cryptocurrency be met with the most stringent of examinations to ensure such an endeavor does not pose a systemic risk to the global economy,” said Congressman Cleaver. “I appreciate Facebook’s willingness to work with federal regulators as the company seeks to launch Libra, which has the potential to update—or upend—our financial system. As Facebook works down this regulatory road, it is imperative that we affirm that terror financing and money laundering is not advanced through Libra, and, according to FSOC, significant concerns remain.”

As chairman of the Financial Services Subcommittee on Monetary Policy, Congressman Cleaver has taken an active role in calling for the regulation of Facebook’s proposed cryptocurrency. Just this morning, Congressman Cleaver questioned Treasury Secretary Mnuchin on the department’s developments related to the Libra project, receiving a commitment from Mnuchin that financial regulators will keep Congress updated on the issue. In addition to calling for an investigation into Libra and receiving a commitment from Facebook to delay the launch of Libra until they “have addressed all U.S. regulatory concerns,” Congressman Cleaver will meet with Facebook CEO Mark Zuckerberg this afternoon to continue dialogue between the company and Congress.

You can find the Department of Treasury’s full letter to Congressman Cleaver and Cleaver’s follow-up letter to Treasury attached.

Developing . . .


Fuck You Losers said...

How about Cleaver do some investigating a little closer to home such as leadership in Jackson County. But since most of the leaders are black fat chance of that ever happening. Maybe we should investigate Cleaver and impeach him.

Anonymous said...

The Reverend Congressman and self declared "Stupid Preacher" is chairman of the Financial Services Subcommittee on Monetary Policy. And you wonder why Hwy 71 is such a death trap?

Anonymous said...

This swindling, fake reverend clown again? Surely he has some other way to appear relevant.

Anonymous said...

Cleaver probably mistakenly thought that the Treasury Department planned to research his horoscope when they mention "Libra".
He's always so much on top of his game.

Anonymous said...

YOU guys keep electing the dumb nigger.

Retro ROCKER said...

Isn't Cleaver part of this three ring circus in Congress Participating in a Coup of an American President. That the American people elected .And they named a street After this guy IT is Treason Cleaver is committing in Congress Over a Fake Dossier. And a impeachment behind closed doors. And the Voter's will elect,Him again because they are asleep.

Anonymous said...

Does he make others sick just thinking about him ?

Anonymous said...

^^ Yes.